Memex Automation goes public, will trade on TSX Venture Exchange
Completes reverse takeover of GPS Investment Corp., acquires more than 48 million common shares.
Toronto Stock Exchange
BURLINGTON, Ont. – Astrix Networks Inc., which operates under the trade name Memex Automation, has completed its reverse take-over of GPS Investment Corp., acquiring 48,132,080 common shares and will commence trading publicly upon acceptance of the take-over by the Toronto Stock Exchange’s Venture Exchange.
A reverse merger takeover (reverse IPO) involves the acquisition of a public company by a private company to ensure the private company may bypass the lengthy process of going public. These deals usually require a reorganization of capital of the acquiring company.
“This deal gives us a public presense on the Venture Exchange and allows us access to the working capital we need to further develop strategic partnerships to bring our products worldwide,” said Dave McPhail, CEO of Memex Automation. “We’re part of a worldwide market, and this opportunity puts us in a position to lead that market.”
Memex develops real-time shop-floor-to-top-floor technologies. Its flagship product, MERLIN, offers overall equipment effectiveness (OEE) metrics in real-time to allow manufacturers to enhance their production through shop-floor data analysis. The product earned the 2013 North American Frost & Sullivan award for Technology Innovation Leadership.
The company also has strategic partnerships with Microsoft and tool builder Mazak. The latter has installed Memex’s automation system at its Florence, Ky. plant.
McPhail, who now maintains a 36% share in the company, says Memex will use a portion of the funds raised from the reverse IPO, which total more than $854,000, to hire up to four employees and to market its products.
“We need to get our products into more people’s hands and show them the benefits of using them to uncover what they don’t know about their shop floors,” he says. “This capital will allow us to do that going forward.”
Since it opened shop in 1992, Memex has partnered with 280 dealers and has worked with more than 12,000 customers globally. McPhail, along with a group of private investors, acquired the company in 2008.